Answer and Explanation:
The preparation of Cost of Goods Manufactured is shown below:
Glenville Company
Statement of Cost of Goods Manufactured
Work in progress inventory April, 1 $39,000
Cost of direct materials used in production $50,000
Direct labor $56,000
Factory overhead $35,000
Total manufacturing cost incurred in April $141,000
Total manufacturing cost $180,000
Work in progress inventory April, 30 $34,000
Cost of goods manufactured $146,000
($180,000 - $34,000)
When you purchased your house, you took out a 30-year annual-payment mortgage with an interest rate of 6 percent per year (compounded annually). The annual payment on the mortgage is $12,000, paid at the end of each year. You have just made a payment and have now decided to pay the mortgage off by repaying the outstanding balance. What is the payoff amount if you have lived in the house for 12 years (so there are 18 years left on the mortgage)
Answer: $129,931.24
Explanation:
Annuity is a stream of equal cash flows that has a specified number of periods. To get the payoff amount for living in the house for 12 years, we calculate the present value of the annuity.
The payoff amount for living in the house for 12 years is $129,931.24.
Check the attached document for the calculation.
Annual Payments refers to the total amount of payments expected to be paid or received, as applicable, under Material Contract divided by the total number of years the Material Contract is expected to be in effect.
A stream of equal cash flows with a set number of periods is known as an annuity.
We calculate the present value of the annuity to determine the payback amount for living in the house for 12 years. For staying in the house for 12 years, the payment amount is $129,931.24.
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With regards to social welfare, oligopolists forming a cooperative alliance is : Group of answer choices bad because because prices are too high and output is too low bad because output is too high and prices are too high good because it leads to less disagreement and lower prices and more variety good because forming a cooperative alliance closely resembles a perfectly competitive outcome
Answer:
With regards to social welfare, oligopolists forming a cooperative alliance is bad because because prices are too high and output is too low.
Explanation:
Oligopoly is a market structure with a small number of firms controlled by few producers thereby reducing competition.
The firms that come together to form an oligopolistic alliance need to see the benefits of collaboration over costs of economic competition, then agree to not compete and instead agree on the benefits of co-operation.
With regards to social welfare, oligopolists forming a cooperative alliance is , either explicitly or tacitly, to restrict output and/or fix prices, in order to achieve above normal market returns thereby increasing the prices of commodity.
Xion Co. budgets a selling price of $81 per unit, variable costs of $34 per unit, and total fixed costs of $280,000. During June, the company produced and sold 11,800 units and incurred actual variable costs of $361,000 and actual fixed costs of $295,000. Actual sales for June were $985,000. Prepare a flexible budget report showing variances between budgeted and actual results. List variable and fixed expenses separately. (Indicate the effect of each variance by selecting for favorable, unfavorable, and no variance)
The flexible budget report shows variances between the budgeted and actual results for Xion Co. The variances for variable and fixed expenses are calculated separately. The variable expenses had an unfavorable variance of $1,000, while the fixed expenses had a favorable variance of $15,000.
Explanation:The flexible budget report shows variances between the budgeted and actual results for Xion Co. Given that the company budgeted a selling price of $81 per unit, variable costs of $34 per unit, and total fixed costs of $280,000, the actual results for June were 11,800 units sold, actual variable costs of $361,000, and actual fixed costs of $295,000. The actual sales for June were $985,000. Let's calculate the variances:
Variable Expenses:
Total budgeted variable costs = Budgeted units x Budgeted variable cost per unit = 11,800 x $34 = $401,200
Total actual variable costs = Actual units x Actual variable cost per unit = 11,800 x $34 = $400,200
Variance = Total actual variable costs - Total budgeted variable costs = $400,200 - $401,200 = -$1,000 (unfavorable variance)
Fixed Expenses:
Total budgeted fixed costs = $280,000
Total actual fixed costs = $295,000
Variance = Total actual fixed costs - Total budgeted fixed costs = $295,000 - $280,000 = $15,000 (favorable variance)
Therefore, the variable expenses had an unfavorable variance of $1,000, and the fixed expenses had a favorable variance of $15,000.
You own a stock portfolio invested 20 percent in Stock Q, 30 percent in Stock R, 35 percent in Stock S, and 15 percent in Stock T. The betas for these four stocks are .79, 1.23, 1.13, and 1.36, respectively. What is the portfolio beta?
Answer:
The portfolio beta is 1.13
Explanation:
Portfolio bet is the average beta calculated on the basis of weightage of each investment. The beta of every investment is multiplied with the weightage of each investment in a portfolio. The all the value is added to get the portfolio beta
Portfolio Beta = ( Stock Q beta x Stock Q Weightage) + ( Stock R beta x Stock R Weightage) + ( Stock S beta x Stock S Weightage) + ( Stock T beta x Stock T Weightage)
Portfolio Beta = ( 0.79 x 20% ) + ( 1.23 x 30% ) + ( 1.13 x 35% ) + ( 1.36 x 15% )
Portfolio Beta = 0.158 + 0.369 + 0.396 + 0.204 = 1.127
Portfolio beta is 1.13
Cartels often dissolve because a. their members often set a time limit as to how long the cartel should exist. b. their members often cheat on the cartel agreements because they have incentive to. c. their members often find that they do not earn as high profits from the cartel as they had hoped to. d. firms in a cartel face different costs than firms outside a cartel. e. none of the above
Answer:
B-Their members often cheat on the cartel agreements because they have incentive to.
Explanation:
Cartels dissolve because there is an incentive to cheat and produce goods by maximizing their own profits as the maximization of profits of cartels doesn't imply the maximization of profits of individual firms.
Go to the Office of the Comptroller of the Currency Web site. Find the most recent levels of futures, forwards, options, swaps, and credit derivatives using the following steps:Click on "Publications." From there, click on "Other Publications/Reports."Then, click on "Quarterly Report on Bank Derivatives Activities."Click on the most recent date, and download the latest report. The tables containing the data are at the bottom of the document.Then, discuss the following: How have these values increased since 2015?Use charts or tables to illustrate the difference between the numbers.2–3 pages (body of paper, not including charts/table)
Answer and explanation:
The notional sums extraordinary of credit subordinates expanded $163.1 billion (3.9 percent), to $4.3 trillion, in the second from last quarter of 2018 (see table 10). Contracts referencing sub-investment grade firms expanded $57.0 billion and contracts referencing speculation evaluation firms expanded $105 billion in the second from last quarter (see chart 14 in the informative supplement). Credit subsidiaries extraordinary stayed well beneath the pinnacle of $16.4 trillion in the main quarter of 2008 (see chart 1 in the informative supplement). As appeared in figure 5, credit default swaps are the overwhelming item, at $3.9 trillion (89.4 percent) of all credit subordinate notional sums.
Credit subordinate contracts referencing venture grade substances with developments from one to five years spoke to the biggest fragment of the market at 45.8 percent of all credit subsidiary notional sums. Contracts of all tenors that reference speculation grade substances are 71.2 percent of the market.
Check the attached file for representing Pie chart
The notional sum for the 79 banks that net sold credit assurance (i.e., accepted credit hazard) was $2.1 trillion, down $68.4 billion (3.4 percent) from the second quarter of 2018 (see table 12 in the index). The notional sum for the 60 banks that net bought credit security (i.e., supported credit hazard) was $2.2 trillion, $94.7 billion lower (4.4 percent) than in the second quarter of 2018
Safeguarded U.S. business banks and reserve funds affiliations detailed exchanging income of $4.3 billion in the final quarter of 2015, $1.0 billion lower (19.6 percent) than the past quarter, and $0.2 billion lower (4.3 percent) than a year sooner
• Credit introduction from subordinates diminished in the final quarter of 2015. Net current credit introduction (NCCE) diminished $49.7 billion, or 11.2 percent, to $395.0 billion.
• Trading hazard, as estimated by Value-at-Risk (VaR), declined in the final quarter of 2015.
Normal VaR over the main five vendor banking organizations diminished $28 million, or 7.8 percent, to $329 million
• Credit subordinates, which spoke to 3.9 percent of all out subsidiaries notionals, declined 14.8 percent from the past quarter to $7.0 trillion
• Notional subordinates fell $11.1 trillion, or 5.8 percent, to $181.0 trillion, the most reduced level since the principal quarter of 2008. Notionals have declined in every one of the previous five quarters
• Derivative contracts stayed amassed in financing cost items, which spoke to 76.5 percent of complete subordinate notional sums.
The Office of the Comptroller of the Currency's (OCC) quarterly report on bank exchanging and subordinates exercises depends accessible if the need arises report data given by all guaranteed U.S. business banks, reserve funds affiliations and trust organizations (all things considered, banks), reports recorded by U.S. monetary holding organizations, and other distributed information. Starting in the principal quarter of 2012, reserve funds affiliations announced their money related outcomes in the call reports. Thus, their exchanging also, subordinates movement is currently incorporated into the OCC's quarterly subsidiaries report.
A sum of 1,410 safeguarded U.S. business banks and investment funds affiliations detailed subordinates exercises toward the finish of the final quarter of 2015, five less than the past quarter. A little gathering of enormous monetary establishments keeps on ruling subsidiaries movement in the U.S. business banking framework. During the final quarter of 2015, four enormous business banks spoken to 90.8 percent of the all out financial industry notional sums and 83.2 percent of industry NCCE.
The OCC and different directors have inspectors on location at the biggest banks to assess
ceaselessly the credit, advertise, operational, notoriety, and consistence dangers of bank subordinates exercises. Notwithstanding the OCC's on location supervisory exercises, the OCC works with other budgetary administrators and significant market members to address framework, clearing, and margining issues in over-the-counter (OTC) subordinates. Exercises incorporate advancement of destinations and achievements for more grounded exchange handling and improved market straightforwardness over every OTC subsidiary classes, relocation of certain very fluid items to clearinghouses, and necessities for posting and gathering edge. Office of the Comptroller of the cash.
Kasravi Co. had net income for 2021 of $600000. The average number of shares outstanding for the period was 200000 shares. The average number of shares under outstanding options, at an option price of $30 per share is 12000 shares. The average market price of the common stock during the year was $36. What should Kasravi Co. report for diluted earnings per share for the year ended 2021
Answer: $2.97
Explanation:
Net income = $600,000
Number of shares outstanding or eighred average shares= 200,000
Average market price of common stock = $36
Proceeds if 12000 shares is issued at option price of $30
Proceeds = 12000 × $30 = $36,000
Shares assumed purchased = (Proceeds ÷ Market share price)
Shares assumed purchased ($36,000 ÷ $36) = 10000 shares.
Incremental share issued (12000 - 10000) = 2000 shares
Diluted EPS = (Net income ÷ Average Weighted shares + incremental share issued))
Diluted EPS = ($600,000 ÷ (200,000+2000))
Diluted EPS = $600,000 ÷ 202,000
Diluted EPS = $2.97
Beth Corbin’s regular hourly wage rate is $16, and she receives an hourly rate of $24 for work in excess of 40 hours. During a January pay period, Beth works 45 hours. Beth’s federal income tax withholding is $95, and she has no voluntary deductions. Use January 15 for the end of the pay period and the payment date.
Beth Corbin earns a regular hourly wage of $16, with a $24 overtime rate for hours exceeding 40. Working 45 hours in January, her gross pay is $760. After a $95 federal income tax withholding, her net pay is $665.
Beth Corbin earns a regular hourly wage of $16, with an overtime rate of $24 for hours exceeding 40. In January, she works 45 hours. To calculate her gross pay, we determine her regular pay for the first 40 hours and add the overtime pay for the additional 5 hours.
Regular Pay = $16/hour * 40 hours = $640
Overtime Pay = $24/hour * 5 hours = $120
Total Gross Pay = Regular Pay + Overtime Pay = $640 + $120 = $760
Subtracting the federal income tax withholding of $95 gives Beth's net pay.
Net Pay = Total Gross Pay - Federal Income Tax = $760 - $95 = $665
Thus, Beth Corbin's net pay for the January pay period is $665.
Susan is a single mother who can earn $8/hour and work up to 1,800 hours per year. If she earns no income, she will receive $16,000/year in government benefits. Creating a table to show her income based on work hours reveals that her total income is always less than the total income she would receive without working, reducing her incentive to work.
Explanation:Susan is a single mother with three children. She earns $8 per hour and can work up to 1,800 hours per year. If she does not earn any income, she will receive government benefits totaling $16,000 per year. For every $1 of income earned, her government support will be reduced by $1. To understand the impact of this assistance program on Susan's incentive to work, we can create a table:
Based on this table, as Susan earns more income from work, her government support decreases. However, even at the maximum of 1,800 work hours, her total income ($14,400) is less than the total income she would receive without working ($16,000). This assistance program might reduce Susan's incentive to work as her additional income from work doesn't match the reduction in government support.
Videoworld is a discount store that sells color televisions. The monthly demand for color television sets is 100. The cost per order from the manufacturer is $600. The carrying cost is $64 per set each year. Assume a year has 360 working days. Determine the following values rounding to the nearest integer (answer them using only numbers without any sign such as the dollar sign, comma, ...): Q1. The optimal quantity per order: Q2. The minimum total annual inventory costs: Q3. The optimal number of orders per year: Q4. The optimal time between orders (in working days): If the store had an inventory policy that allows shortages with the shortage cost per set estimated at $80, determine the following values:
Complete question:
Videoworld is a discount store that sells color televisions. The monthly demand for color television sets is 100. The cost per order from the manufacturer is $600. The carrying cost is $64 per set each year. Assume a year has 360 working days. Determine the following values rounding to the nearest integer (answer them using only numbers without any sign such as the dollar sign, comma, ...):
Q1. The optimal quantity per order: Q2. The minimum total annual inventory costs:
Q3. The optimal number of orders per year:
Q4. The optimal time between orders (in working days):
If the store had an inventory policy that allows shortages with the shortage cost per set estimated at $80, determine the following values:
5) The optimal quantity per order when the store allows shortages
6) The optimal storage level when the store allows shortages
7) The optimal number of orders when the store allows shortages
8)The optimal time between orders (in working days) when the store allows shortages.
Answer:
1) 150
2) $4,800
3) 8
4) 45 days
5) 201
6) 89
7) 6
8) 60 days
Explanation:
We are given:
Monthly demand, = 100
Cost per order, S= $600
Carrying cost, H = $64 per set/ year
Shortage cost, Cs = $80
Yearly demand will be, D= 100*12 =1200
1) The optimal quantity per order:[tex] (Q*) = \sqrt{\frac{2*D*S}{H}} [/tex]
[tex] = \sqrt{\frac{2*1200*600}{64}} [/tex]
[tex] = \sqrt{22500} = 150 [/tex]
2) The minimum total annual inventory cost:
Average inventory * H
Where average inventory = Q*/2
[tex] = \frac{150}{2} = 75 [/tex]
Therefore,
Average inventory * H
= 75 * 64
= $4,800
3)The optimal number of orders per year:
[tex] = \frac{D}{Q*} = \frac{1200}{150} = 8[/tex]
4) The optimal time between orders:
[tex] = \frac{360}{8} = 45 days [/tex]
5)The optimal quantity per order when the store allows shortages:
[tex] Q= \sqrt{\frac{2*D*S*(H+Cs)}{H * Cs} [/tex]
[tex] = \sqrt{\frac{2*1200*600*(64+80)}{64 * 80} [/tex]
= 201.25 ≈ 201
6) The optimal shortage level when the store allows shortages:
[tex] = \frac{Q* H}{H* Cs} [/tex]
[tex] = \frac{201 * 64}{64* 80} [/tex]
= 89.33 ≈ 89
The optimal shortage level when the store allows shortages = 89
7) The optimal number of orders per year when the store allows shortages:
No. of orders =
[tex] \frac{D}{Q} = \frac{1200}{201} [/tex]
= 5.97 ≈ 6
Optimal number of orders per year = 6
8) The optimal time between orders (in working days) when the store allows shortages:
Time between orders = Number of working days/ Number of orders
[tex] = \frac{360}{6} = 60 [/tex]
The optimal time between orders (in working days) = 60 Days
A binding ruling, issued by the U.S. Bureau of Customs and Border Protection, is issued with regard to: A. Penalties imposed for non-payment of duties owed B. Advance determination of the dutiable status of goods C. Seizure of goods not allowed for import to U.S. D. All of the above
Answer:
D. All of the above
Explanation:
Customs rulings are binding administrative decisions issued by U.S. Customs and Border Protection (CBP) pursuant to 19 C.F.R. Part 177. Rulings may address customs-related matters, including the United States tariff classification, marking, and valuation. CBP may issue such rulings to any importer or exporter of merchandise; to any individual or business entity that has a direct and demonstrable interest in the matters or questions presented in the ruling request; or to an agent (such as an attorney) of either of the aforementioned parties. Rulings may only be prospective and in response to a ruling request.
Joshua borrowed $500 on January 1, 2017, and paid $25 in interest. The bank charged him a service charge of $15. He paid it all back at once on December 31, 2017. What was the APR?
Joshua's Annual Percentage Rate (APR) for his loan in 2017 was 8%. This is calculated by adding the interest ($25) and the service charge ($15) to get the total charges ($40), dividing this amount by the loan amount ($500), and then multiplying by 100%.
Explanation:The question concerns the calculation of the APR, or Annual Percentage Rate, for a loan. In this case, Joshua borrowed $500 in 2017 and paid $25 in interest, plus a $15 service charge. The total charge he paid for this loan over one year is $25 + $15 = $40.
To calculate the APR, you would divide the total charges by the amount borrowed, then multiply by 100% to get a percentage. So in this case, it would be ($40/$500) * 100% = 8%. Therefore, Joshua's APR for the loan was 8%.
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Johnson Enterprises uses a computer to handle its sales invoices. Lately, business has been so good that it takes an extra 3 hours per night, plus every third Saturday, to keep up with the volume of sales invoices. Management is considering updating its computer with a faster model that would eliminate all of the overtime processing. Current Machine New Machine Original purchase cost $14,700 $25,500 Accumulated depreciation $6,500 _ Estimated annual operating costs $24,900 $19,800 Remaining useful life 5 years 5 years If sold now, the current machine would have a salvage value of $10,400. If operated for the remainder of its useful life, the current machine would have zero salvage value. The new machine is expected to have zero salvage value after 5 years. Prepare an incremental analysis to determine whether the current machine should be replaced.
Solution and Explanation:
The following is the incremental analysis :
Particulars Retain machine Replace machine Net income
Increase / (Decrease)
Operating costs $124500 $99000 25500
($124500 - $99000)
New machine costs - 25500 (25500)
Salvage value (Old) 10400 10400
Total $124500 $114100 $10400 Working notes:
Operating cost of retain machine is calculated by multiplying the estimated operating costs of old machine with the number of years. ($24900 multiply with 5 years = $124500).
Operating cost of replace machine is calculated by multiplying with the estimated operating costs of new machine with the number of years ($19800 multiply with 5 years = $99000).
CONCLUSION: using the old machine or the current machine costs higher than the purchasing of the new machine. Therefore, it is advised to replace the old machine with a new machine to save the cost.
The total Net income is $10400 it is recommended to replace the old machine with a new machine to preserve the cost.
Calculation of Net income:The following is incremental analysis are :
Particulars Retain machine Replace machine Net income
Increase / (Decrease)
Operating costs $124500 $99000 25500
($124500 - $99000)
New machine costs - 25500 (25500)
Salvage value (Old) 10400 10400
Total $124500 $114100 $10400
Working notes:
The operating cost of the retaining machine is calculated by reproducing the calculated operating costs of the old machine by the number of years. ($24900 multiply with 5 years = $124500).
The operating cost of substituting the machine is calculated by multiplying the calculated operating costs of the new machine by the number of years ($19800 multiplied by 5 years = $99000).
CONCLUSION: When using the old machine or the current machine costs are higher than the purchase of the new machine. Thus, it is advised to replace the old machine with a new machine to save the cost.
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Mountain High Ice Cream Company transferred $65,000 of accounts receivable to the Prudential Bank. The transfer was made without recourse. Prudential remits 90% of the factored amount to Mountain High and retains 10%. When the bank collects the receivables, it will remit to Mountain High the retained amount (which Mountain estimates has a fair value of $5,500) less a 3% fee (3% of the total factored amount). Required: Prepare the journal entry to record the transfer on the books of Mountain High assuming that the sale criteria are met. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
Answer:
Check the explanation
Explanation:
DR Cash
DR Loss on sale of receivables
DR Receivable from factor
CR Accounts receivable
Debit Credit
1 Cash 58500 =65000*(1-10%)
Loss on sale of receivables 2200
Receivable from factor 3800 =5500-(65000*2%)
Accounts receivable 60000
Stock Investment Transactions On September 12, 3,600 shares of Aspen Company are acquired at a price of $45.00 per share plus a $180 brokerage commission. On October 15, a $1.20-per-share dividend was received on the Aspen Company stock. On November 10, 1,440.00 shares of the Aspen Company stock were sold for $38 per share less a $72 brokerage commission. When required, round final answers to the nearest dollar. For a compound transaction, if an amount box does not require an entry, leave it blank. Prepare the journal entries for the original purchase, the dividend, and the sale under the cost method.
Answer and Explanation:
According to the scenario, journal entries for the given data are as follows:
Journal Entries
Sep. 12 Stock investment in Aspen company A/c Dr. $162,180 (3,600×$45)+$180
To Cash A/c $162,180
( Being purchase is recorded)
Oct. 15 Cash A/c Dr. $4320 (3,600×$1.2)
To Revenue from dividend A/c $4320
( Being dividend revenue is recorded )
Nov. 10 Cash A/c Dr. $54,648 (1,440×$38)-$72
Loss due to sale of investment A/c Dr. $10,224 ($64,872 - $54,648)
To Investment in Aspen company investment A/c $64,872 (1,440× $45)+$72
( Being sale is recorded)
Supler Corporation produces a part used in the manufacture of one of its products. The unit product cost is $22, computed as follows: Direct materials $ 7 Direct labor 8 Variable manufacturing overhead 3 Fixed manufacturing overhead 4 Unit product cost $ 22 An outside supplier has offered to provide the annual requirement of 4,700 of the parts for only $15 each. The company estimates that 50% of the fixed manufacturing overhead cost above could be eliminated if the parts are purchased from the outside supplier. Assume that direct labor is an avoidable cost in this decision. Based on these data, the financial advantage (disadvantage) of purchasing the parts from the outside supplier would be:
Answer:
It is cheaper to buy the component.
Financial advantage= $23,500
Explanation:
Giving the following information:
Direct materials $7
Direct labor $8
Variable manufacturing overhead $3
Fixed manufacturing overhead $4
An outside supplier has offered to provide the annual requirement of 4,700 of the parts for only $15 each.
First, we need to calculate the total cost of making the product:
Production in-house:
Total cost= (7 + 8 + 3 + 4)*4,700= 103,400
Buy:
Fixed costs= 2*4,700= 9,400
Buy= 4,700*15= 70,500
Total cost= 79,900
It is cheaper to buy the component.
Financial advantage= 103,400 - 79,900= $23,500
Harrison, Inc. acquires 100% of the voting stock of Rhine Company on January 1, 2010, for $400,000 cash. A contingent payment of $16,500 will be paid on April 15, 2011, if Rhine generates cash flows from operations of $27,000 or more in the next year. Harrison estimates that there is a 20% probability that Rhine will generate at least $27,000 next year, and uses an interest rate of 5% to incorporate the time value of money. The fair value of $16,500 at 5%, using a probability-weighted approach, is $3,142.
When recording consideration transferred for the acquisition of Rhine on January 1, 2010, Harrison will record a contingent performance obligation in the amount of:
a) $628.40. b) $2,671.60. c) $3,142.00. d) $13,358.00. e) $16,500.00.
Answer:
c) $3,142.00
Explanation:
The recording of the contingent performance obligation should be recorded at $3,142 which should be equal to the fair value of $16,500 at 5% using the probability-weighted approach
Moreover, at the time of payment, the journal entry is
Contingent performance obligation Dr $3,142
Loss from revaluation of contingent performance obligation $13,358
To Cash A/C $16,500
(Being the cash paid is recorded)
The government of Sharonville is deep in debt, and consequently enacts a city ordinance that requires citizens to do volunteer work for the city once per week. Such and act would be in accordance with the __________ school of jurisprudential thought.
Legal Realism
Command
Irrational Forces
Sociological
Law and Economics
the correct answer is Sociological.The ordinance requiring volunteer work is aligned with the Sociological school of jurisprudential thought, which emphasizes laws that address societal needs and promote community welfare.
The government of Sharonville enacts a city ordinance requiring citizens to do volunteer work once per week due to its deep debt. This act aligns with the Sociological school of jurisprudential thought. The Sociological perspective emphasizes that law should reflect and serve societal needs, promoting community welfare, and ensuring that individuals contribute to the common good. By mandating volunteer work, the ordinance aims to address the city's economic challenges through collective citizen effort, resonating with the sociological viewpoint on law and society.
Revenue and Cash Receipts Journals Transactions related to revenue and cash receipts completed by Sycamore Inc. during the month of March 20Y8 are as follows: Mar. 2. Issued Invoice No. 512 to Santorini Co., $715. Mar. 4. Received cash from CMI Inc., on account, for $180. Mar. 8. Issued Invoice No. 513 to Gabriel Co., $250. Mar. 12. Issued Invoice No. 514 to Yarnell Inc., $630. Mar. 19. Received cash from Yarnell Inc., on account, $480. Mar. 20. Issued Invoice No. 515 to Electronic Central Inc., $135. Mar. 28. Received cash from Marshall Inc. for services provided, $100. Mar. 29. Received cash from Santorini Co. for Invoice No. 512 of March 2. Mar. 31. Received cash from McCleary Co. for services provided, $55. Prepare a single-column revenue journal and a cash receipts journal to record these transactions. Enter the transactions in chronological order.
Answer:
Single Column revenue journal is given below
Explanation:
Single Column Revenue Journal
Date No. Account Dr A/c Receivable Dr / Fee earned Cr
Mar.2 512 Santorini Co. $ 715
Mar.8 513 Gabriel Co. $250
Mar.12 514 Yarnell Co. $ 630
Mar.20 515 Electronic Central Inc. $135
Cash Receipts Journal
Date No Accounts Cr Fee earned A.c Rec. Cr Cash Dr
Mar.4 CMI $ 180 $ 180
Mar.19 Yarnell Co. $ 480 $ 480
Mar.28 Fee Earned $ 100 $100
Mar.28 Santorini Co. $715 $ 715
Mar.31 Fee Earned $75 $75
Coachlight Inc. has a periodic inventory system. The company purchased 205 units of inventory at $9.50 per unit and 310 units at $10.50 per unit. What is the weighted average unit cost for these purchases of inventory? (Round your final answer to two decimal places.)
Answer:
Weighted average cost per unit = $10.10
Explanation:
We know,
Under weighted average unit cost, the cost for purchased inventory = Total inventory costs ÷ total inventory in units
Given,
Total inventory in units = 205 + 310 = 515 units
Total inventory costs = (205 units × $9.50) + (310 units × $10.50)
= $1,947.50 + $3,255 = $5,202.50
Therefore,
Weighted average cost per unit = $5,202.50 ÷ 515 units
Weighted average cost per unit = $10.10
Therefore, the company will use this cost per unit to determine cost of goods sold and ending inventory.
Suppose the daily demand for soda is given by P = 4 – (2/3)Q and the daily supply of soda is given by P = 1 + (1/3)Q, where P is the dollar price of a can of soda and Q is the number of cans of soda (in thousands).a. Sketch the demand curve and the supply curve.Instructions: Use the tools provided to draw the demand and supply curves. Plot each end point (4 points total).b. How many cans of soda are bought and sold each day? What is the equilibrium price of soda?i. Equilibrium quantity: ____ cansii. Equilibrium price: $ ____ per canc. What is the price elasticity of demand for soda at the equilibrium price?d. What is the price elasticity of supply for soda at the equilibrium price?e. If the price of one of the inputs used to make soda increases, then what will happen to consumers' total expenditure on soda?i. It will decrease.ii. it will remain unchangediii. It will increase.
Qe 2
Pe 2
Then Demand price elasticity -0.60
the worth elasticity of Supply is 3
(i.) Then it'll decrease
when the demand is quite proportionate to the worth elasticity will overreact to the input price and also their subsequent increase with a discount in consumption.
What is the value elasticity of supply?When the worth elasticity of supply (PES) is the measure of the responsiveness of the amount supplied of a specific good to a change in price that's (PES is = Percentage Change in QS/percentage Change in Price). When The intent of determining the value elasticity of supply is to indicate how a change in price impacts the quantity of a descent that's supplied to consumers.
Then We equalize both to induce the equilibrium quantity (Qe)
Then 4 - 2/3Qe is = 1 + 1/3Qe
After that Qe (2/3 + 1/3) is = 4 - 1
Then Qe = 3
Then we solve for equilibrium price (Pe)
Then Pe = 4 - 2/3 x 3 = 4 - 2 = 2
After that Pe = 1 + 1/3 x 3 = 1 + 1 = 2
Now, The Price elasticity of demand at equilibrium is:
Then variation in quantity / variation in price that is
After that we solve for Q when P = 3 and compare the variation
That is (1.33-3) / (3 - 2) = -1.66/1 = -1.66
Thus, Price elasticity of supply at equilibrium is: ( 6 - 3) / (3 - 2) = 3 / 1 = 3
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A sixminusmonth note receivable for $ 7 comma 000 at 12%, dated October 1, 2020, has accrued interest revenue of ________ as of December 31, 2020. (Round any intermediate calculations to two decimal places, and your final answer to the nearest dollar.)
Answer:
The accrued interest revenue is $210
Explanation:
The period of interest is from 1 October,2020 to 31 December ,2020,which translates into 3 months of interest accrued overall.
The interest accrued can be computed using the formula below:
interest accrued=note receivable amount*interest rate*number of applicable months/12
note receivable amount is $7,000
interest rate is 12%
applicable months is 3
interest accrued=$7,000*12%*3/12
=$210
The accrued interest revenue is $210 as shown above.
The timeline of 3 months is the key to unlocking the question.
The accrued interest revenue on a $7,000 note receivable at 12% interest from October 1, 2020, to December 31, 2020, is $210.
To determine the accrued interest revenue on a note receivable, we need to perform a simple interest calculation with the given interest rate, principal amount, and time period. The formula to compute interest is I = PRT, where I is the interest, P is the principal amount, R is the annual interest rate expressed as a decimal, and T is the time period in years.
In this scenario, the principal amount (P) is $7,000, the annual interest rate (R) is 12%, and the time period (T) from October 1, 2020, to December 31, 2020, is 3 months or 0.25 years. Thus, the calculation would be:
P = $7,000R = 12% or 0.12 (as a decimal)T = 3/12 or 0.25 (as a year fraction)I = PRT = $7,000 × 0.12× 0.25 = $210
The accrued interest revenue as of December 31, 2020, would be $210. As the question requests, this amount is rounded to the nearest dollar.
Fran promises to pay Tim $700 for a new scooter for her own use. After Tim delivers the scooter, Fran refuses to pay Tim. Tim may recover the money under the doctrine of _____.
Answer: Promissory estoppel
Explanation:
Because Fran promised that he will pay $700 to Tim for that new scooter and he did not do it, Tim can get back his money with the doctrine of Promissory estoppel contract law.
This kind of contract law can help him because they did not make a legal contract and this can stop someone from going back on a promise that is given to other person and with that contract, a person who did not fulfilled the promise must recover all the damages.
Answer: Promissory estoppel
Explanation: Because Fran promised that he will pay $700 to Tim for that new scooter and he did not do it, Tim can get back his money with the doctrine of Promissory estoppel contract law.
This kind of contract law can help him because they did not make a legal contract and this can stop someone from going back on a promise that is given to other person and with that contract, a person who did not fulfilled the promise must recover all the damages.
Assume that interest rate parity holds. The U.S. five‑year interest rate is 5% annualized, and the Mexican five‑year interest rate is 8% annualized. Today’s spot rate of the Mexican peso is $.20. What is the approximate five‑year forecast of the peso’s spot rate if the five‑year forward rate is used as a forecast?
Answer:
Using equation
F=P(1+i)^n
n=5
using u.s forecast i=0.05
p=$0.2
F=0.2(1+0.05)^5
F=$0.255
Using mexican forecast,we will have
i=0.08
F=$0.2938
Taking average approximate forecast=0.2938+0.255/2=$0.2744
Pier Company incurred $150,000 of research and development costs in its laboratory to develop a new product. It spent $20,000 in legal fees for a patent granted on January 2, 2020. On July 31, 2020, Pier paid $15,000 for legal fees in a successful defense of the patent. What is the total amount that should be debited to Patents through July 31, 2020? Select one: a. $150,000 b. $185,000 c. $170,000 d. $35,000 e. $20,000
Answer:
$35,000
Explanation:
Data provided
Legal fee for Granted = $20,000
Legal fee for Defend = $15,000
The computation of total amount that should be debited to Patents is shown below:-
Total amount Debited to Patents = Legal fee for Granted + Legal fee for Defend
= $20,000 + $15,000
= $35,000
Therefore for computing the Total amount Debited to Patents we simply applied the above formula.
Job enlargement: is a systematic approach to help an organization modify its core processes to achieve more efficient results. aims at greater productivity through reduced application of mental and physical effort. involves adding challenges or new responsibilities to employees' current jobs. involves moving employees through a series of job assignments in one or more functional areas.
Job enlargement: involves adding challenges or new responsibilities to employees' current jobs.
Explanation:Job enlargement is a job plan manner wherein there is an expansion in the quantity of tasks correlated with a specific job. The description of job enlargement is appending extra activities within the equivalent level to a current role.
This indicates that a person will do more further, various activities in their contemporary job. One of the essential aspects of enlargement is that it expands the range of the job horizontally. This executes the job more diverse, building a wider spectrum of activities.
After combing through the data, you have noticed that firms hiring Fishergraduates earn average abnormal returns of 3% per year over the next few years. You are convinced that this is a genuine profit opportunity and so have decided to trade on it. You have $10,000 to invest and two options: (1) invest all $10,000 in one company that has just hired a Fisher graduate; (2) invest $1,000 in each of ten companies that have just hired Fisher graduates. Which choice is preferable, or does it not matter?
Answer:
option (2)
Explanation:
That's right, but what if all $ 10,000 was invested in a company and it didn't come out much? The probability of earning an extraordinary income increases. It is also dangerous. This is because there is a 50% probability that the company will perform better. Therefore it is advisable to invest 1,000 companies in ten companies. Thereby reducing the risk. Well, diversification not only reduces risk but also increases the chances of profit.
Silicon Valley in California is the world center for the computer and semiconductor industry and has many of the world's major computer and semiconductor companies located close to each other, thus offering the location-specific advantage of Group of answer choices. a. a multipoint competition. b. an oligopolyc. a first mover. d. externalities
Answer:
The correct answer is D. externalities.
Explanation:
An externality is defined as that situation or group of situations that determine that a service good is not reflected at its real market price. In this example, the computer industry is so close that they do not know for sure the benefits they have when offering their goods, and it becomes an advantage in the sense that due to its close location it is possible to establish agreements to manage prices and not enter into direct market competition.
Bennett Co. has a potential new project that is expected to generate annual revenues of $266,600, with varlable costs of $146,000, and fixed costs of $62,800. To finance the new project, the company will need to issue new debt that will have an annual interest expense of $27,000. The annual depreciation is $26,200 and the tax rate is 40 percent. What is the annual operating cash flow? а.$45,160b. $84,000 c. $183.416 d.$41.280 e. $131,080
Answer:
a.$45,160
Explanation:
The answer is attached.
Answer:
а.$45,160
Explanation:
Bennett Co Annual Operating Cash Flow
Operating Cash Flow =
Annual revenues $266,600
Less: Variable costs ($146,000)
Fixed costs ($62,800)
Balance $57,800
Tax rate[ (1-0.4) × $57,800] $34,680
Add depreciation (40%×$26,200) $10,480
Operating Cash Flow $45,160
Therefore the ANNUAL OPERATING CASH FLOW is $45,160
Sam agrees to buy and Meranda agrees to sell 1000 lbs of bananas actually worth $5000, but they have not agreed on the price yet. Details are finalized, and part of their agreement is that the exact price of the bananas will be determined in the future. Later, they are unable to agree on a price.
a) Since this transaction is covered by the UCC, is there a contract for the sale and, if so, what would the court say is the price, and on what basis?
b) If the sale were not bananas but involved the agreement to repair several air conditioners in an apartment building, how would a court handle this agreement? Would it enforce it?
a. There is a contract for the sale of the bananas because UCC allows to keep certain terms open while contracting, which includes price. If the parties are not clear on the price or the price is to be set over time, the parties can fill the term later under UCC. Hence the agreement between Sam and Meranda for the sale of bananas constitutes a valid contract. If the parties are unable to determine the price, court will determine a reasonable price based on the fair market value or the intention of the parties while making the contract and by using the most reasonable method as per the business practices. Here 1000 lbs of bananas actually worth $5000. Hence the court may decide the price to be $5000 or determine the price by analyzing the intention of the parties while making the contract.
b. If the agreement was to repair several air conditioners in an apartment building, it does not come under UCC because UCC governs only contracts for sale of goods. Service contracts are governed by common law of contracts and price is necessary to form a valid contract. Hence the court will rule the contract as invalid and would not enforce the contract.
Suppose Stark Ltd. just issued a dividend of $1.73 per share on its common stock. The company paid dividends of $1.40, $1.47, $1.54, and $1.65 per share in the last four years. If the stock currently sells for $60, what is your best estimate of the company’s cost of equity capital using the arithmetic average growth rate in dividends?
Answer:
Cost of equity = 8.44%
Explanation:
The price of a share can be calculated using the dividend valuation model
According to this model the value of share is equal to the sum of the present values of its future cash dividends discounted at the required rate of return.
The model can be modified to determine the cost of equity
Ke =Do (1+g)/P + g
g- growth rate in dividend, P- current price, D- recent dividend
growth rate = (( Recent dividend /oldest dividend)^1/n - 1)× 100
n- no of years of growth
growth rate = (1.73/1.40)^1/4 - 1 × 100 = 5.4%
Cost of equity = 1.73×(1.054)/60 + 0.054 = 8.44%